New York, June 5, 2026, 10:05 EDT
IREN Limited dropped 8.7% to $56.50 early Friday in the U.S., backing off as traders looked at the firm’s Australian data-center plans while the Nasdaq faltered. The Nasdaq-listed name last traded at $56.50 at 9:47 a.m. EDT. Shares hit a session low of $56.34, according to Google Finance.
IREN is moving away from being seen just as a bitcoin miner and is now getting valued more as a supplier to the AI sector, offering power, real estate, and chips. The firm sells AI cloud and data-center services using GPUs, the chips needed for AI workloads. IREN says it has secured over 4.5 gigawatts of power: 810 megawatts are running, 2,100 megawatts are being built, and another 1,600 megawatts are planned. One gigawatt is 1,000 megawatts.
IREN plans to build an 800-megawatt campus in Bundey, South Australia. The company said it has secured high-voltage transmission access and is aiming to energize the site from 2028, connecting with submarine fiber out to demand centers in Singapore, Indonesia, South Korea and Japan. Co-founder and co-CEO Daniel Roberts pointed to South Australia’s “abundant clean energy.” Premier Peter Malinauskas said data centers present a “significant economic opportunity.”
Nasdaq slips as jobs data stokes Fed worries The stock still dropped. Reuters said the Nasdaq Composite lost 1.10% right after the open, with strong U.S. jobs numbers fueling bets that the Fed will keep policy tight. Google Finance showed the index off 1.33% at 9:40 a.m. EDT.
IREN wasn’t the only one under pressure. According to Investor’s Business Daily, Bernstein cut or changed targets for crypto stocks including Riot Platforms, Core Scientific, and MARA Holdings as bitcoin stayed weak. That’s still an issue for IREN, as its push into AI comes while it’s shifting away from its old mining business.
Financing is still in focus. On June 1, IREN said it closed a $3.65 billion investment-grade GPU financing facility to help fund delivery on its AI cloud contract with Microsoft. Investment grade is a debt rating widely seen as lower risk. The facility has a 6.00% blended cost of debt and, with prepayments from the customer, will cover roughly 96% of the $5.81 billion in GPU capex for the Microsoft contract, the company said. “Lowers our cost of capital,” Roberts said.
IREN is also working to turn its chip deals into revenue. The company in late May said it planned to buy around $1.6 billion of Nvidia Blackwell systems from Dell for use at its Childress, Texas campus. The order is tied to a five-year, $3.4 billion AI cloud contract. IREN set early 2027 as a target to start operations and said its annualized run-rate revenue, or ARR, could move up to $4.4 billion from $3.7 billion, based on how fast it can get the systems running. “Time-to-compute is everything,” Roberts said.
Most analysts are still positive but differ on how much. According to StockAnalysis, which cites S&P Global Market Intelligence and TipRanks, Nick Giles at B. Riley Securities took his target up to $96 from $88 on June 4. Joseph Vafi at Canaccord Genuity moved his up to $79 from $70 the day before. Goldman Sachs’ Mike Ng kept a Hold on the stock with a $50 target in late May, the data said.
B. Riley linked its latest move to the Australia push, saying IREN’s local roots gave it an “execution edge” in a market where AI compute needs outpace infrastructure, Investing.com reported. The article also said Macquarie is keeping an Outperform and a $90 target after the data-center news out of Australia. Investing.com
Execution remains tough. IREN’s May numbers showed revenue for the March quarter at $144.8 million, down from $184.7 million, and a net loss of $247.8 million. Lower bitcoin prices hurt, and retiring mining gear added pressure as the company moved over to AI cloud operations. The company’s filings point to risks with permits, hardware supply, GPU costs and usage, customer concentration and funding needs.
IREN’s outlook is still in question. Investors want to know if the company can turn its power rights, chips and contracts into revenue quick enough to support a stock pricing in strong AI-infrastructure hopes. Shares fell on Friday as the Nasdaq slipped, showing that investors are not waiting for clear answers.
